The Mogambo Guru

Richard Daughty is a funny man, with something serious to say.  In today’s essay he makes a number of good points, but the increase in the deficit is the one that caught my attention.  He says:

The end result is that it looks like there is going to be a lot of borrowing and printing of money, as Bloomberg.com reported that “The U.S. budget deficit soared to a record in the first quarter of the 2009 fiscal year,” as the deficit jumped to $485.2 billion”, which was so much that it is “surpassing the shortfall for all of last year”, when “ the shortfall was $454.8 billion.”

As scary as this is, the numbers are a Big Stinking Load Of Hooey (BSLOH) because it is much worse than that, as I can easily prove by showing that the national debt right now, in January 2009, is $10,635 billion, whereas last year at this exact time it was only $9,210 billion, a difference of a sizzling $1,435 billion! A trillion and a half dollars more debt in twelve months, yet these guys say that it is only $454.8 billion!

Yeah, just another example of why Bush is an idiot.  He blew away his old record deficit from last year in just 1 quarter of 2009.

Don’t forget, we’re still living under Bush’s budget until June 30th of 2009, and don’t be surprised if it comes in 3 or 4 times higher than any other budget deficit in history.  And (and the Mogambo Guru explained so eloquently above) that’s just the official number.  The real number (as shown by the increase in the national debt) is waaaay worse.

At the end of President Clinton’s last fiscal year (June 29th, 2001) the total national debt was $5,726,814,835,287.17.   Roughly $5.7 trillion.  As of today (Jan 26th, 2009) the national debt stands at $10,620,397,126,433.52, or roughly $10.6 trillion.

It took from 1789 to 2001 (212 years) to reach $5.7 trillion.  President Bush has almost doubled the amount we owe in just 8 years!   And his legacy will live on, because his fiscal 2009 budget isn’t complete until June 30th.  Anyone want to bet that we’ll be at least another trillion in the hole, making Bush’s legacy an easy to compute round doubling of the national debt?

BTW – The numbers above are straight from the US Treasury web site.  I encourage you to go there often to see just how much money you owe.  The National Debt Clock is another good site.  In fact, I think I’m going to add a permanent link on this site somewhere.

(I added a debt clock to the top of the site.  Damn, that number moves fast!)

Anyway, no matter which numbers you use, Bush is an incompetent, blithering idiot when it comes to finance – I’ll avoid getting into all the other areas where he screwed up for now.  He did more harm to this country in 8 years than all the other idiots we’ve elected – combined!  Quite an accomplishment George.  Bush is an idiot.

gk

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